Ammine SRL has since objected to the execuator, but for now the mining properties are legally under the control of the Receiver.

It appears the land has mines on it, which are deep, man and machine made holes and tunnels, which are operating and amber
is being extracted from the land.

The Receiver applied for, and was granted, an Execuator from the Dominican Republic courts which domiciles this Court’s Preliminary Injunction in the Dominican Republic.

Ammine SRL received payments totaling $12,810,000 from the Receivership Entities, which was paid to its account at Scotiabank and appears to have been used to pay operating expenses and for purchases of amber and other materials extracted from the land, as well as transfers to other banks in the Dominican Republic.

A review of the Scotiabank records indicates Ammine SRL was paying about $2.10 per gram of amber.

Yan Chen also set up AMN Ltd, identified as the “apparent successor of Ammine SRL” by the Receiver, through which another $630,000 was laundered.

In anticipation of losing control of the Dominican Republic, Ammine SRL and AMN Ltd, Yan Chen cleared the Socitabank account.

The balance in the Scotiabank account upon service of the Execuator was one peso.

What Yan Chen has done with the millions Steve Chen transferred to him is as of yet unclear.

In May 2016, long after the Preliminary Injunction Order was entered, Ammine SRL also initiated dissolution proceedings.

With the assistance of counsel in the Dominican Republic, the
Receiver has objected to the dissolution in that it could affect the Receiver’s potential claims to assets held by Ammine SRL.

Sounds to be like he’s trying to cut and run.

USFIA real estate

The USFIA Receiver is recommending the sale of Steve Chen’s various properties.

This includes:

the USFIA headquarters in Arcadia

the Hills Garden Hotel in San Bernardino

a 36-unit apartment building in Alhambra

a mansion in Bradbury (the Clubhouse”)

a single family home and condominium in Arcadia (freeloading tenants have been evicted)

860 acres of vacant land near Moreno Valley

The Receiver has also

identified several other single family homes purchased with funds from USFIA and vested in other individuals or entities, including Steve Chen.

The Receiver is in contact with Mr. Chen’s counsel and the other title holders in an attempt to recover the properties without litigation, but will seek authority to file fraudulent transfer actions if the issues are not consensually resolved in the near future.

Repatriation of overseas assets

Steve Chen appears to have laundered a significant amount of funds through shell companies in China, Vietnam, Mexico and the Dominican Republic.

The Receiver will investigate what, if any, assets are located in overseas banks and institutions.

The Receiver will then report to the Court and advise on proposed measures that may be taken in order to repatriate these assets.

Call me cynical, but it’s probably a good bet that Yan Chen has been busy quietly squirreling away what he can.

Here’s hoping the Receiver is able to recover most of the Chen family’s ill-gotten gains.